The National Company Law Tribunal (NCLT) has turned down the appointment of Vijaykumar V Iyer of consultants Deloitte as an interim resolution professional (IRP) to resolve the Rs 44,000-crore Lanco Infratech default, putting an end to big firms taking up multiple assignments that they cannot do justice to.

An individual who is already an IRP for two other companies will not be able to find sufficient time to act as IRP for Lanco, which is already a complicated case, the Hyderabad bench of the NCLT said. The case has to be dealt with in a time bound manner hence it may not be possible if an individual takes up more cases, it said.

The court has appointed Savan Godiawala as IRP based on the recommendation made by IDBI Bank which has initiated the bankruptcy proceedings. Read more